Short Interest in Magic Software Enterprises Ltd (NASDAQ:MGIC) Decreases By 55.5%

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Magic Software Enterprises Ltd (NASDAQ:MGIC) was the recipient of a large decline in short interest during the month of August. As of August 15th, there was short interest totalling 11,300 shares, a decline of 55.5% from the July 15th total of 25,400 shares. Based on an average daily trading volume, of 15,000 shares, the short-interest ratio is presently 0.8 days. Approximately 0.1% of the company’s stock are sold short.

A number of hedge funds and other institutional investors have recently made changes to their positions in MGIC. Harel Insurance Investments & Financial Services Ltd. boosted its stake in shares of Magic Software Enterprises by 4.3% in the 2nd quarter. Harel Insurance Investments & Financial Services Ltd. now owns 1,854,066 shares of the software maker’s stock valued at $16,631,000 after purchasing an additional 75,615 shares during the last quarter. Delek Group Ltd. boosted its stake in Magic Software Enterprises by 15.4% during the first quarter. Delek Group Ltd. now owns 555,755 shares of the software maker’s stock worth $4,623,000 after acquiring an additional 73,978 shares in the last quarter. Aptus Capital Advisors LLC bought a new position in Magic Software Enterprises during the second quarter worth $516,000. Sphera Funds Management LTD. bought a new position in Magic Software Enterprises during the first quarter worth $324,000. Finally, Seizert Capital Partners LLC bought a new position in Magic Software Enterprises during the first quarter worth $228,000. Hedge funds and other institutional investors own 15.48% of the company’s stock.

Several equities research analysts have issued reports on the stock. BidaskClub upgraded shares of Magic Software Enterprises from a “sell” rating to a “hold” rating in a research note on Wednesday, June 26th. HC Wainwright reaffirmed a “buy” rating and set a $10.00 target price on shares of Magic Software Enterprises in a report on Thursday, May 23rd. Zacks Investment Research raised shares of Magic Software Enterprises from a “hold” rating to a “buy” rating and set a $10.00 target price for the company in a report on Saturday, August 17th. Finally, ValuEngine downgraded shares of Magic Software Enterprises from a “buy” rating to a “hold” rating in a report on Thursday, July 11th.

NASDAQ MGIC traded down $0.03 during trading on Tuesday, reaching $9.01. The company’s stock had a trading volume of 7,100 shares, compared to its average volume of 24,414. The company has a current ratio of 3.41, a quick ratio of 3.41 and a debt-to-equity ratio of 0.08. The firm has a market capitalization of $449.80 million, a price-to-earnings ratio of 16.40 and a beta of 0.95. Magic Software Enterprises has a 12 month low of $7.29 and a 12 month high of $10.20. The firm has a 50 day moving average price of $8.95 and a 200 day moving average price of $8.83.

Magic Software Enterprises (NASDAQ:MGIC) last released its quarterly earnings data on Tuesday, August 13th. The software maker reported $0.14 earnings per share (EPS) for the quarter, hitting the Zacks’ consensus estimate of $0.14. The business had revenue of $77.06 million during the quarter, compared to analysts’ expectations of $76.55 million. Magic Software Enterprises had a net margin of 6.74% and a return on equity of 10.43%. On average, equities analysts forecast that Magic Software Enterprises will post 0.59 EPS for the current fiscal year.

The firm also recently declared a Semi-Annual dividend, which will be paid on Thursday, September 12th. Shareholders of record on Tuesday, August 27th will be given a $0.156 dividend. This is a boost from Magic Software Enterprises’s previous Semi-Annual dividend of $0.09. The ex-dividend date of this dividend is Monday, August 26th. Magic Software Enterprises’s dividend payout ratio is 54.55%.

Magic Software Enterprises Company Profile

Magic Software Enterprises Ltd. provides proprietary application development, business process integration, vertical software solutions, and IT outsourcing software services in Israel and internationally. The company's Software Services segment develops, markets, sells, and supports a proprietary and none proprietary application platform, software applications, and business and process integration solutions and related services.

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